What is tax code 647L?

A question about : What is tax code 647L?

Hello,

Sorry if this has been asked a million times before, but I recently checked my wage slips, since starting work in my current company on the 3rd of March 2008, and I appear to be on tax code 647L.

Is this a emergency tax code? If so does that mean I'm possibly overpaying tax at this moment in time?

Thanks in advance.

Best answers:

• 647L is the new, ordinary tax code as from 6th April 2009.
  The Personal Allowance, the amount that you can earn without paying tax, is Ј6,475.
  Between 6th April 2008 and 5th April 2009, the equivalent code was 603L as the (revised) personal allowance was Ј6,035.
  I hope that this makes sense.
• Yeah that makes sense, so does that mean I'm not overpaying my tax?
• no your likely not to be overpaying.
• Ok long as that is the case Last thing I want to do is call the tax office and them find out I've under paid them
• It is always worth keeping an eye on your code, as mistakes can be made.
  If you have NOT got the standard code, which increases each year along with the Personal Allowance, it is always worth trying to understand why.
  Also, if you know that you should have an adjusted code and that you ARE on the standard code, again it is worth trying to find out why.
  Another good things is to get ahead of the game: if they announce the Personal Allowance for FY 2010/11 in a budget this November, you can predict what your tax code will be as from next April 6th, and be ready for the change (upwards I hope) when it comes.
• Do you have a company car? private medical insurance paid for by the company? Any other benefits from the company?
  If no, then you shouldn't underpay them.
• No I don't so everything appears to be in order. Thanks everyone.
• Hi - i have the 647L too, before it was 503L
  It seems im getting taxed more,
  I earnt Ј3010 before deductions
  i paid 494 Tax and 278 N.I., in total Ј772 deductions
  Is this right? it seems like a lot of money being deducted
• My tax code is 591L, yet a colleague earning the same salary is on 647L. Is mine incorrect, am I paying too much tax?
• I was unemployed claiming JSA for over a year before my recent job which I have been in for now for 18 months. My querie is that I have always paid full tax and should that be the case ?? how does the amount you can earn before paying tax work ?? my current code is 647l, thanks in advance to anybody who can be of any help.
• Hi I am on tax code 647L I have been in my current job since august but ive not paid any tax so far. Is this right?
• Hi, aside from my tax i am also paying social security. Does anyone know how much you pay of social security ? what is the relation of it to gross salary?
  thanks